Should you just keep piling it up indefinitely? At the same time, your energy supplier can ask you to pay for past consumption which is over and above what they previously estimated. This can come as quite a shock, particularly if you pay your energy bills regularly and were under the assumption that all payments are up to date.
By holding onto your past energy bills, you can check the readings and see how much you have been charged for. Another reason to hang on to your bills is in case you need to provide proof of address and address. If you needed an older bill and no longer had a copy, you should be able to get a copy from your supplier.
Some provide online access but only to bills which have been issued since you created an online account. As you can see from the above, utility bills can come in pretty handy and have lots of information which could be useful.
But how long should you hold onto them for? Trending Decoding your tax bracket Beyond salary: Benefits may matter more than you think 6 steps for first-time tax filers. Personal Banking. How long should you keep important documents? Share Close share. Save Close save Added to My Priorities. Close Disclaimer The material provided on this website is for informational use only and is not intended for financial, tax or investment advice.
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You're continuing to another website You're continuing to another website that Bank of America doesn't own or operate. Continue Cancel. Connect with us. Bank of America. Advertising Practices. Education Resource Center. Terms of Use. Not all content is available in Spanish. Many people choose to keep documents stored in a filing cabinet. Use file folders to organize paperwork by subject, year or another method of your choice.
Bankers boxes are another storage option, but these are more susceptible to water damage. For your most important documents, a standard filing cabinet might not be enough. The use of a home safe may be a better option.
Look for a safe that is fireproof and waterproof for maximum protection. A simple lockbox you can grab and go is perfect for storing documents in the event of a home fire or flood. Safe deposit boxes used to be a popular method for storing valuables, including essential documents. Not all bank branches offer safe deposit boxes today, but it can be an option if you prefer keeping these documents offsite.
Keep in mind that you are at the mercy of the financial institution as to when you can access your safe deposit box. Many financial institutions and businesses now let you opt for electronic billing and statements, either through email or online account access. Some banks charge a fee for paper statements now, as electronic paperwork becomes more readily available. For other documents, you can use a scanner to scan them into your computer, or you can take photos using your cell phone.
Other digital storage options include external hard drives, like HDDs and SDDs, which are compact solutions for storing massive amounts of electronic data. An even more compact solution is storing electronic paperwork on a flash drive, although flash drives also are easier to misplace or damage.
If you go the digital route, it may be a good idea to create multiple backup copies in case one of them is damaged or fails. Digital backups take up much less space than having multiple paper copies of your important documents. Another option is to go with cloud-based storage for essential paperwork. The past several years have seen an explosion of cloud-based solutions, including:.
Using cloud-based storage not only saves on space, but also can be great for organizing and keeping your documents secure, since most services guarantee protection through encrypted networks.
Many cloud-based solutions allow access through mobile devices, making your documents accessible almost anywhere in the world. The last thing you want to do is shred something to save space, only to need it five years later.
Throwing away documents with your trash exposes your information to anyone willing to do a little dirty work to steal your identity. And then a bit longer to support your tax return. Retirement plan statements: Hold on to your annual statements as long as you have assets in the accounts.
This will help ensure your eventual withdrawals are taxed the right way. For your IRAs, be sure to save Form — the document that shows if your contributions were deductible or nondeductible. Home-related documents: Keep your purchase documents, and also all home improvement records, which can be used to calculate your cost basis when you sell your home, potentially saving you a bundle in taxes. When you get a renewal, toss the old one. When you pay off the loan, the lender will give you a payoff statement.
Keep this forever, just in case some zombie debt comes back to haunt you.
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